Dow Ekes Out Another Win After Energy Sector Pops

The S&P 500 hovers dangerously close to bear market territory

Deputy Editor
May 16, 2022 at 4:32 PM
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Wall Street was able to pare some this afternoon's losses, though the Nasdaq turned in a triple-digit loss today as the tech sector continues to struggle against inflation-fighting interest rate hikes. The Dow added a modest 26 points for its second-straight win, while the S&P 500 finished just below breakeven in the final minutes of trading. The energy sector helped inject optimism into the market today, after investors bet on China's post-lockdown recovery.  

Continue reading for more on today's market, including:

  • Why put traders targeted this department store giant.
  • Tune into this blue-chip retailer's earnings tomorrow.
  • Plus, Warby Parker stock slides after earnings; discount airline takeover heats up; and 1 FAANG stock due to bounce back.

The Dow Jones Average (DJI - 32,223.42) popped 26.8 points, or 0.08% today. More than half of the Dow's members turned in a win, with Chevron (CVX) leading the pack after adding 3.1%. Boeing (BA) paced the laggards, shedding 2.5%.

The S&P 500 Index (SPX - 4,008.01) shed 15.9 points, or 0.4% for the day, while the Nasdaq Composite (IXIC - 11,662.79) erased 142.2 points, or 1.2% for the session. 

Lastly, the Cboe Market Volatility Index (VIX - 27.47) lost 1.4 point, or 4.9%.

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5 Things to Know Today

  1. In a major rhetoric shift, Russian President Vladimir Putin said Moscow has no qualms with Finland's NATO membership. (Reuters)
  2. Covid-19 cases and hospitalizations are noticeably higher in the U.S. than they were two weeks ago. (MarketWatch)
  3. Unpacking Warby Parker's surprise earnings whiff.
  4. JetBlue Airways' takeover attempt just got hostile. 
  5. Why Webush upgraded this FAANG stock.

There were no earnings of note today.

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Gasoline Continues to Push Toward Record Highs

Oil prices turned higher on Monday, as tight supplies continue to pull gasoline to push further toward record highs. For today's session, June-dated crude jumped $3.71, or 3.4%, to settle at $114.20 per barrel

Gold prices rose to begin the week as well, bringing an end to a two-day skid that saw the yellow metal briefly dip below $1,800 an ounce. In response to an easing U.S. dollar and retreating 10-year Treasury rate, June-dated gold added a modest $5.80, or 0.3%, to settle at at $1,814.00 an ounce.

 

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